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marinecat · 2023年10月19日

A选项为何不对

NO.PZ2022090804000013

问题如下:

Investments 1 and 2 have similar outlays, although the patterns of future cash flows are different. The cash flows, as well as the NPV and IRR, for the two investments are shown below. For both investments, the required rate of return is 10%.


The two projects are mutually exclusive. What is the appropriate investment decision?

选项:

A.Invest in both investments. B.Invest in Investment 1 because it has the higher IRR. C.Invest in Investment 2 because it has the higher NPV.

解释:

Solution

C is correct. When valuing mutually exclusive investments, the decision should be made with the NPV method because this method uses the most realistic discount rate—namely, the opportunity cost of funds. In this example, the reinvestment rate for the NPV method (here, 10%) is more realistic than the reinvestment rate for the IRR method (here, 21.86% or 18.92%).

尽管投资2的NPV比投资1的更高,可是两者的NPV都大于0,两个投资互相独立,那为什么不能都投呢

1 个答案

王琛_品职助教 · 2023年10月20日

嗨,努力学习的PZer你好:


因为表格下面一行的题干背景,强调了这两个是互斥项目 The two projects are mutually exclusive

也就是说只能二选一,不能既要也要哈

也请参考基础班讲义墨迹版 P255

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